The deal includes the following features:
- 3.64% (LIBOR + 3.07%) lifetime tracker to 70% LTV and 3.90% (LIBOR +3.33%) to 75% LTV
- Rental based on 125% of the pay rate
- No minimum personal income threshold
- No limit on the number of BTL properties held with other lenders; max of 5 held with Precise
- Available for all new build types
- £2,495 fee up to a maximum loan size of £250,000 (min loan £100K), switching to a 2.0% fee from £250,000 to a maximum loan size of £1 million
Brokers can either deal direct with Precise (setting 3mc as the payment route) or the case can be packaged by 3mc. Brokers will be paid a procuration fee of 0.5 per cent on all completed deals.
3mc Director Doug Hall said:
“3mc is delighted to be one of only three distributors to have access to thisexciting new product, which will appeal to landlords who struggle to attain the minimum rental requirements required by most lenders.
“We’ll be showcasing this deal at The Finance Professional Show on the 5th November at Olympia in London, so do come along and find out more about ways in which 3mc can help you and your clients.”
Alan Cleary, Managing Director at Precise Mortgages, said:
“We’ve worked with 3mc for a number of years and know they provide really high quality packaging support. And if brokers prefer to deal on a direct basis with Precise, they have the choice to do so by selecting 3mc as their payment route. Either way, they’ll receive a proc fee of 0.5% on this flexible new buy-to-let product.”
